Sunday Ehigiator

Beta Glass Plc, West and Central Africa’s leading glass packaging manufacturer and a member of the Frigoglass Group, has announced a stellar financial performance for the 2024 fiscal year, culminating in a doubled dividend payout of N1.76 billion to shareholders.

The announcement was made during the company’s 51^st Annual General Meeting (AGM) held in Lagos.

The AGM brought together shareholders, institutional investors, and regulatory stakeholders to review the company’s financial results and strategic direction for the coming year.

In his opening remarks, Chairman of the Board, Dr. Vitus Ezinwa, praised the company’s resilience in navigating Nigeria’s challenging macroeconomic terrain.

“Despite inflationary pressures, exchange rate fluctuations, and rising costs, Beta Glass’ 2024 performance exceeded expectations,” Dr. Ezinwa stated. “This N1.76 billion dividend represents a 111 per cent increase year-on-year, reflecting our commitment to creating long-term value for our shareholders.”

The company posted an 87 per cent increase in revenue, largely driven by a 61 per cent increase in product pricing and a 16 per cent growth in sales volume. Profit after Tax (PAT) rose by a staggering 112 per cent, closing the year at N13.63 billion, up from N6.44 billion in 2023.

Speaking on the company’s performance, Beta Glass CEO, Alexander Gendis, attributed the impressive results to strategic operational decisions, improved capacity utilisation, and a strong focus on customer service.

“2024 marked a phase of transformation and consolidation for Beta Glass,” said Gendis. “We were able to expand our margins while maintaining volume growth. Looking ahead, we plan to scale our export activities across West and Central Africa and intensify our focus on sustainable energy, including our planned solar power installation at the Agbara plant.”